DCC PlcGrey Market
May 19, 2015, 7:54 AM
- Royal Dutch Shell (RDS.A, RDS.B) says it has received a $529M binding offer from Ireland's DCC Energy (OTC:DCCPF) for its Butagaz liquefied petroleum gas business in France.
- Shell says the deal is consistent with its strategy of concentrating its downstream footprint on a smaller number of assets and markets where it can be most competitive, and is part of an ongoing exit from the LPG business globally.
- DCC, which already has purchased LPG businesses from BP and Statoil, says the proposed deal would be its largest acquisition and make it Europe's third-largest LPG distributor.